Crypto startup Amber Group hits $1 billion valuation on fresh fundraising, as famed hedge fund Tiger Global joins Coinbase as backer
[Crypto startup Amber Group hits $1 billion valuation on fresh fundraising, as famed hedge fund Tiger Global joins Coinbase as backer | Currency News | Financial and Business News | Markets Insider (businessinsider.com)](https://markets.businessinsider.com/currencies/news/amber-group-bitcoin-crypto-startup-investment-tiger-global-coinbase-2021-6-1030538186)
[Harry Robertson](https://markets.businessinsider.com/author/harry-robertson)
Jun. 21, 2021, 04:42 AM
* **Crypto startup Amber Group has hit a $1 billion valuation after a $100 million fundraising round.**
* **Famed hedge fund Tiger Global injected cash, as did Chinese bank China Renaissance.**
* **It's the latest sign of institutional interest in crypto startups, which continues despite bitcoin's crash.**
Crypto investment startup Amber Group has hit a $1 billion valuation after a $100 million fundraising round that saw famed hedge fund Tiger Global Management invest in the [**Coinbase**](https://markets.businessinsider.com/stocks/coin-stock?utm_source=markets&utm_medium=ingest)\-backed company.
The round was led by Chinese bank China Renaissance, while Tiger Brokers, Arena Holdings and DCM Ventures also injected money, Hong Kong-based Amber Group said on Sunday.
Amber Group is now worth more than 10 times what it was in 2019, when the company raised $28 million at a $100 million valuation. Its $1 billion valuation makes it a so-called [**tech unicorn**](https://www.businessinsider.com/38-unicorn-startups-minted-april-2021-breaks-vc-funding-records-2021-5?utm_source=markets&utm_medium=ingest).
The startup said it's expanding its operations globally to bring its crypto financial services to more customers around the world.
Founded in 2017 by a group of ex-Morgan Stanley traders, Amber Group provides institutional investors with a range of ways to get involved in the crypto world. It offers trading, lending and asset management products, among others.
Between 70% and 80% of Amber's revenue comes from the spread between the company's deposits and loans, [**CNBC reported**](https://www.cnbc.com/2021/06/21/coinbase-backed-amber-group-cryptocurrency-trading-firm-hits-1-billion-valuation.html), while around 15% comes from trading fees.
The fundraising round is the latest sign of institutional interest in the crypto space, which is continuing despite the [**recent crash**](https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035?utm_source=markets&utm_medium=ingest) in the bitcoin price.
Tiger Global, which earned investors more money than any other hedge fund [**in 2020**](https://markets.businessinsider.com/news/stocks/ray-dalio-bridgewater-hedge-fund-lost-12-billion-2020-2021-1-1029998262?utm_source=markets&utm_medium=ingest), also invested in Chinese crypto lender Babel Finance in a $40 million fundraising in May. The hedge fund was founded by Chase Coleman, a protege of Tiger Management boss Julian Robertson.
In April, Ethereum-focused development company ConsenSys [**raised money**](https://markets.businessinsider.com/currencies/news/jpmorgan-ubs-mastercard-invest-ethereum-consensys-65-million-2021-4-1030298716?utm_source=markets&utm_medium=ingest) from JPMorgan and UBS, among other investors.
https://www.reddit.com/r/StockMarket/comments/o4ugg3/crypto_startup_amber_group_hits_1_billion/
